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Egypt economic monitoring note (Fall 2012) (English)

Egypt is in a precarious economic situation reflecting a difficult external environment, political uncertainty, and weak economic policies. International reserves have been declining rapidly to a low level, driven by a sizeable current account deficit and large capital outflows. Large spending increases are driving up the fiscal deficit to unsustainable levels, with high real interest rates and weak growth adding to the mounting debt burden. And weak growth is fueling social pressures. Strong financial support from Arab bilateral donors has been holding the country afloat so far, but the leaking cannot continue much longer and the authorities have been forced to seek support from the International Monetary Fund (IMF) and other donors. Egypt is in a precarious economic situation reflecting a difficult external environment, political uncertainty, and weak economic policies. International reserves have been declining rapidly to a low level, driven by a sizeable current account deficit and large capital outflows. Large spending increases are driving up the fiscal deficit to unsustainable levels, with high real interest rates and weak growth adding to the mounting debt burden. And weak growth is fueling social pressures. Strong financial support from Arab bilateral donors has been holding the country afloat so far, but the leaking cannot continue much longer and the authorities have been forced to seek support from the IMF and other donors.

Details

  • Author

    Badr, Karim Zaki, Chahir

  • Document Date

    2012/09/01

  • Document Type

    Working Paper

  • Report Number

    76279

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Egypt, Arab Republic of

  • Region

    Middle East and North Africa,

  • Disclosure Date

    2013/03/28

  • Disclosure Status

    Disclosed

  • Doc Name

    Egypt economic monitoring note (Fall 2012)

  • Keywords

    ratio of girls to boys in primary;current account deficit;balance of payment;energy use per capita;external current account deficit;high real interest rate;capital to asset ratio;millennium development goal;life expectancy at birth;high marginal tax rate;real exchange rate overvaluation;land area;private sector credit;salary and pension;foreign reserve;Fuel Subsidies;Exchange Rates;large budget deficit;sectoral growth rate;Social Safety Nets;quality of health;decline in investment;short-term capital inflows;public sector finance;difficult external environment;rapid credit expansion;source of energy;total labor force;Rule of Law;control of corruption;total external debt;exchange rate depreciation;inflexible exchange rate;high public debt;net enrollment ratio;global food prices;loose fiscal policy;fiscal deficit;output gap;capital outflow;debt service;political transition;live birth;social pressure;real appreciation;investment spending;international reserve;real gdp;legislative power;trade deficit;core inflation;public finance;political spectrum;corrective measure;Social Protection;government financing;

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Citation

Badr, Karim Zaki, Chahir

Egypt economic monitoring note (Fall 2012) (English). Egypt economic monitoring note Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/315791468234531470/Egypt-economic-monitoring-note-Fall-2012